Sales under revamped Right to Buy double, says DCLG

The number of sales of council-owned properties under the Right to Buy doubled in the last quarter of 2012, the Department for Communities and Local Government has said.

A total of 2,010 sales took place between October and December 2012, up from 1,041 for July to September that year.

The DCLG said 3,495 council-owned properties had been sold to tenants since the scheme was revamped in April 2012, up a third on the whole of 2011/12. The sales have generated £210m in income.

The reforms saw the level of discount treble to up to £75,000, subject to a cap of a maximum discount of 60% for a house and 70% for a flat.

The figures do not include sales to eligible housing association tenants.

Housing Minister Mark Prisk said: “The reinvigorated Right to Buy has opened the door to home ownership for thousands of tenants across the country and I’m delighted to see so many taking up this opportunity.

“But from the 200,000 hits on our website, to the councils that report to me the surge they’ve seen in applications, I know there are many more that want to follow in their footsteps.”

The DCLG also said the NewBuy Scheme, which reduces the deposit that buyers have to put down to purchase a property, had led to 1,522 sales between 12 March and 31 December 2012.

FirstBuy, a scheme that provides assistance with equity loans, has seen 7,000 sales since its launch.